BIO Applauds USDA loan guarantee announcement.
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Press Release Summary:
BIO congratulates ZeaChem Inc. on receiving conditional commitment for one of largest loan guarantees under USDA Biorefinery Assistance Program. Also, BIO applauds USDA's continued commitment to helping advanced biofuel companies raise capital necessary to build biorefineries, create jobs, and contribute to America's energy security. As noted by BIO's Jim Greenwood, "Companies are making significant investments and progress toward commercialization of technology for advanced biofuels."
Original Press Release:
BIO Congratulates ZeaChem, Applauds USDA Loan Guarantee Announcement
WASHINGTON--Biorefineries continue to make progress toward commercial-scale production of cellulosic and advanced biofuels, with vital assistance from the USDA loan guarantee program. The Biotechnology Industry Organization (BIO) congratulates member company ZeaChem Inc. on receiving a conditional commitment for one of the largest loan guarantees under the USDA Biorefinery Assistance Program. BIO also applauds the USDA's continued commitment to helping advanced biofuel companies raise the capital necessary to build biorefineries, create jobs, and contribute to America's energy security.
BIO President & CEO Jim Greenwood stated, "Companies are making significant investments and progress toward commercialization of technology for advanced biofuels. ZeaChem is investing $390.5 million to build an advanced biorefinery that will generate 188 construction jobs, 65 full-time operations jobs, plus an additional 242 indirect jobs in the rural community of Boardman, Ore. This progress follows the recent completion of a demonstration facility in the same community that I had the privilege to tour."
Brent Erickson, executive vice president of BIO's Industrial & Environmental Section, added, "BIO also applauds the USDA for assisting advanced biofuel companies attract necessary capital to commercialize technologies that meet the goals of the Renewable Fuel Standard. For companies with pioneering technology, these public-private programs are a necessary and vital tool. Producing advanced biofuels from new sources of woody biomass and crop residues will make a substantial contribution to U.S. energy security and economic growth in the near term and create a sustainable energy future."
About BIO
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtech NOW, an online portal and monthly newsletter chronicling "innovations transforming our world." Subscribe to BIOtech NOW.
Contacts
BIO
Paul Winters, 202-962-9237
pwinters@bio.org
